Option 2: I found a house that the asking price is 930k , but I’m sure I can get a discount on it because it needs a lot of work , it doesn’t qualify for traditional financing , so I would need to take a hard money loan , it needs about 150k worth of work , the plan would be to offer the full 930k asking price but ask for a 6% seller concession , I calculated 20% down payment and 7% closing cost , so total after seller concessions comes out to 21% down payment which is $195,300 .

Fannie Mae will use 75% of the Projected Rental income based on a long term rent model when purchasing that home to help you qualify for this new mortgage.

Just because you may have enough equity to go up to 240k doesn't mean you will be able to access it all because what if you can only qualify for 100k.

At 541, your partner currently does not qualify for a loan unfortunately. 

SB13 and its grace period on unpermitted units should preventing this from occurring.  

You can qualify for another Fannie Mae loan with 5% down, as long as you meet lender criteria, including debt-to-income ratio and credit score.

In fact, AirDNA is so accurate that many lenders will now accept a AirDNA estimate (for non-declining markets) as evidence of sufficient qualifying income on many DSCR (Debt Service Coverage Ratio) loans and mortgages.

Another thing to note, certain renovation costs can be eligible for Qualified Improvement Property (QIP).

Not sure if you'd qualify.

Hi Haiden, are you an agent or do you still need to pass the test and qualify?